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Tax News

From time to time, we produce information for clients on a number of topical and important issues, some of which can be found below:

Consultation on late submission penalties for MTD - March 22, 2017
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HM Revenue & Customs (HMRC) has opened a consultation on penalties for firms that either submit records late under the Making Tax Digital (MTD) scheme or do not pay on time. When HMRC consulted on its compliance powers last year, it was recognised that more work needed to be done on the matter but has … Continue reading Consultation on late submission penalties for MTD


One in five micro-businesses unaware of Making Tax Digital, research shows - March 10, 2017
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Research published by FreeAgent has found that a fifth of the smallest business are unaware of Making Tax Digital (MTD) – HM Revenue & Customs’ (HMRC) flagship policy, which will introduce quarterly electronic reporting for most businesses. The FreeAgent survey also found that 84 per cent of micro-businesses thought the Government had not provided enough … Continue reading One in five micro-businesses unaware of Making Tax Digital, research shows


Reporting company car expenses and fuel - March 10, 2017
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If you provide cars to your employees for their own private use, you will need to report this to HM Revenue & Customs (HMRC) using form P11D at the end of the tax year. The value you will need to list for any vehicles provided in this way is set by HMRC and reflects the … Continue reading Reporting company car expenses and fuel


£30K tax-free redundancy payments set to be abolished - March 10, 2017
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Payments in Lieu of Notice (PILON), one aspect of a typical redundancy payment, alongside compensation for loss of employment, is set to lose its tax-free exemption, which currently applies to payments of up to £30,000, where it is not a contractual requirement. The changes, which are included in draft legislation and set to come into … Continue reading £30K tax-free redundancy payments set to be abolished


Spring Budget 2017 - March 8, 2017
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Various rumours were swirling around Westminster in the days before Philip Hammond rose to deliver his first Budget – confirmed as the last time a major fiscal statement will be made in the spring. The Chancellor, still scarcely nine months in the job, has a reputation as a cautious man and in advance many expected … Continue reading Spring Budget 2017


Changes to the Inheritance Tax threshold – will you be affected? - February 22, 2017
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A significant change to inheritance tax rules comes into force this year which you need to be aware of. The new residence nil rate band allowance comes into effect on 6 April 2017. If you are married with children (and/or grandchildren), own your own home and have assets above the nil rate band allowance (currently … Continue reading Changes to the Inheritance Tax threshold – will you be affected?


HMRC publishes long-awaited responses to Making Tax Digital consultations - February 10, 2017
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The Government’s long-awaited responses to six consultations about Making Tax Digital (MTD) which were originally opened in August 2016 were published at the end of January. Despite ongoing criticisms regarding the proposed short MTD timescale, HM Revenue & Customs (HMRC) confirmed that the project will not be delayed. This means that mandatory quarterly digital reporting … Continue reading HMRC publishes long-awaited responses to Making Tax Digital consultations


Small businesses used to plug tax gap - February 10, 2017
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HM Revenue & Customs (HMRC) has been accused of using small and medium-sized businesses to plug the UK’s tax gap, following a report which showed an additional £468 million was generated in tax revenue by SMEs in 2016. The figure, obtained via a Freedom of Information Request, follows on from HMRC’s announcement at the end … Continue reading Small businesses used to plug tax gap


Do you know the rules on claiming capital allowances on cars? - February 10, 2017
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If you buy and use cars in your business, you can claim capital allowances on their value, allowing you to deduct part of the value from your pre-tax profits using writing down allowances. The amount that you can deduct depends of the CO2 emissions of the car, whether it is new or second hand, when … Continue reading Do you know the rules on claiming capital allowances on cars?


Don’t miss out on grandparents’ pension boost - February 10, 2017
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A request under the Freedom of Information Act has revealed that just 1,300 people have claimed National Insurance (NI) credits, which can help them ensure their entitlement to the full state pension when they reach retirement age, if they have left employment to care for grandchildren or other relatives under the age of 12. With … Continue reading Don’t miss out on grandparents’ pension boost


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